GBPJPY TECHNICAL ANALYSIS

GBP/JPY is expected to consolidate with bearish bias at last friday                                                

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is still  to come target at 175.60-176.40. A break of this target will move the pair further downwards to 174.30. The pivot point stands at 179 area In case the price moves in the opposite direction and bounces back from the support level, then it will moves higher. It is likely to move further to the upside. In that scenario, a long position is recommended with the target at 189.20.


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